Notes to the financial statements
Year ended 31 March 2016
15 Loans and borrowings (continued)
Short term bank borrowings
As at the reporting date, the Group has in place various bilateral short term banking credit facilities totalling $1,266.9
million (2015: $900.0 million), of which $601.2 million (2015: $270.0 million) has been utilised. Included in the amount of
$1,266.9 million (2015: $900.0 million) is a sub-limit of $95.0 million (2015: $95.0 million) facility for the issuance of letters
of guarantee.
Term loans
As at the reporting date, the Group has in place various term loans totalling $1,573.0 million (2015: $1,340.5 million), of
which $1,573.0 million (2015: $1,302.5 million) has been utilised.
Included in the above was approximately $583.6 million secured syndicated term loans fromAustralian banks (“Syndicated
Loans”). The Syndicated Loans are secured by way of a first mortgage over 26 properties in Australia and assets of their
respective holding trusts, and a guarantee from A-REIT.
Medium term notes
In March 2009, the Trust established a $1.0 billion Multicurrency Medium Term Note (“MTN”) Programme. Pursuant to
the MTN Programme, the Trust may, subject to compliance with all relevant laws, regulations and directives, from time
to time, issue fixed or floating interest rate notes (the “Notes”) in Singapore dollars or any other currency for up to a
programme limit of $1.0 billion. In March 2016, the Trust upsized the programme limit to $5.0 billion.
The Notes shall constitute direct, unconditional, unsecured and unsubordinated obligations of the Trust ranking
pari
passu
, without any preference or priority among themselves and
pari passu
with all other present and future unsecured
obligations (other than subordinated obligations and priorities created by law) of the Trust.
The principal amount of the notes outstanding as at 31 March 2016 comprises $545.0 million (2015: $295.0
million) in SGD-denominated Notes, $295.2 million (2015: $281.4 million) in JPY-denominated Notes and $306.2
million (2015: $223.0 million) in HKD-denominated Notes. The Trust entered into cross currency swaps with
notional amounts of JPY24.6 billion and HKD1.76 billion (2015: JPY24.6 billion and HKD1.26 billion) to hedge
against the foreign currency risk arising from the principal amount of the JPY and HKD denominated Notes
(Note 14). As at the reporting date, after taking into consideration the effect of the cross currency swaps, the amount
of Notes issued pursuant to the MTN programme which remain outstanding is $1,203.8 million (2015: $862.2 million).
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A-REIT ANNUAL REPORT
2015/2016
